Condo Insurance Vs. Renters Insurance: What’s the Difference

Posted on November 26, 2024November 25, 2024 by admin

When you’re moving into a new place, understanding what kind of coverage you need is paramount to ensure that you protect your property and avoid any issues with your current policy. For example, let’s imagine that you’ve moved into a new condo. You might be asking, what type of insurance do you need? Since the whole building itself is likely covered, would condo insurance apply? Will you need renters insurance just to protect your property? It can get quite confusing when a condo enters the mix. Here’s what you need to know about whether you need condo insurance or renters insurance. When you figure out what it is you need for your situation, the team here at MTC Insurance Agency Group in University Place, WA will help you find the best policy.

Do I need condo insurance or renter’s insurance? What’s the Difference?

Condo Insurance is a specific type of insurance that covers condominiums. Renters insurance is a type of insurance policy designed to cover any property you’re currently renting. Determining what type of insurance you will require is straightforward, depending on ownership. If you purchased and own your condo (even if someone else owns the building in which it’s located), you’ll need condo insurance to cover your unit and all the belongings inside. If you’re renting out a condo, you’ll need renters insurance to protect your belongings and to defend yourself against personal liability.

Find Condo Insurance Here at MTC Insurance Agency Group

If you’re a new condo owner looking to insure your property, we’d be more than happy to help. MTC Insurance Agency Group in University Place, WA, is always ready to help you compare quotes and find the best policy for your needs. Contact us today to get started!

Why Is Condo Insurance Important?

Posted on April 30, 2024May 3, 2024 by admin

Condominium insurance policies safeguard your personal property and reimburse you to fix covered perils. You will also have liability protection for potential injury or property damage experienced by those entering your property. You can get a fast quote for condominium insurance from the professionals at MTC Insurance Agency Group in University Place, WA. Keep reading to find out why we recommend coverage for every condo owner.

Reasons You Need Condominium Insurance

Here are just a few of the reasons why condo policies are so important. First, they play a critical role in protecting your investment. Condo insurance protects your unit and your belongings. Usually, the HOA has a master policy to handle the lobby, parking area, hallways, and other common areas. However, the master policy doesn’t pay for damage to your condo’s interior space. So, in the event of a fire or other covered peril, your condo policy covers important gaps.

You’ll also need liability protection for your home or investment property. Condo insurance usually includes injuries sustained by visitors to your unit. Many policies also include reimbursement for legal costs associated with covered scenarios. That can provide peace of mind when you want to entertain or have workers upgrade the unit.

What if you can’t live in your condo due to fire or other covered events? Some policies pay for living expenses if you must move out during restoration. That may include meals and other essentials. Do you still pay a mortgage on your condo? Most financial institutions require insurance as a condition of the loan. Investing in condo insurance is always a good idea. Without coverage, you might end up paying for repairs to your unit.

Our team is here if you need to review your existing policy. Contact MTC Insurance Agency Group in University Place, WA, to customize your condo insurance policy today.

What is covered by my condo insurance?

Posted on November 17, 2023November 28, 2023 by admin

Living in a condo is a lot like living in an apartment, except that you have a property interest. There are multiple insurance policies protecting your University Place, WA dwelling. One is carried by the homeowners association, and the other is carried by individual unit owners. It is important to understand how important it is to carry condo insurance and what is actually covered under your policy. MTC Insurance Agency Group can help with that.

The HOA Insurance

Your homeowners’ association carries insurance on the common areas, such as hallways, playgrounds, or pools. Individual condominiums are either part of a complex or part of a building that holds separate units. The HOA insurance will protect the building itself and is usually paid for through HOA dues.

Your Condo Insurance

Your individual condo insurance protects everything within your walls from certain named events, such as fire, burglary, vandalism, or storms. This includes:

Your rugs, carpeting, and window treatments
All small and large appliances
Furniture
Electronics, such as TVs, phones stereos, and computers
Clothing
Miscellaneous items like books

There are exceptions about what may be covered, and you may need extra protection for some items, such as expensive musical instruments, jewelry, and fine artwork.

Liability Insurance

As part of your condo insurance, you also have liability protection. That means that, for instance, if someone is injured while visiting you, your condo insurance protects you in case of a lawsuit. That includes legal assistance. If someone is injured in a common area, the HOA insurance should cover it.

Reach Out To Us

If you have any questions about University Place, WA condo insurance, or if you would like to find the policy that best suits your needs, please feel free to call MTC Insurance Agency Group today.

Why You Need Condo Insurance

Posted on April 11, 2023May 1, 2023 by admin

When you own a condo, it’s important to make sure it’s well protected. If you don’t have condo insurance, it’s time to get it. Virtually all condo boards require owners to have condo insurance, and lenders will require it as well. If you’re about to buy a condo, it’s time to set up your condo insurance so that it takes effect as soon as you buy it. When you need condo insurance, call us at MTC Insurance Agency Group in University Place, WA.

Protection for Your Belongings

There are different types of coverage that you get with condo insurance. One of these is protection for your belongings that are inside your condo. This coverage protects you against a wide range of events that can happen and destroy your things. The exact coverage will be spelled out by the policy, but it generally includes certain disasters, accidents, calamities, etc. When one of these happens and ruins your belongings, the policy can pay for you to replace those items and get back to your regular life. It’s never a good idea to go without this coverage with how expensive it would be to replace your things.

Liability Protection

Another way that this insurance covers you is by covering you for liability. As the owner of your condo, you’re responsible for what happens there. If someone came to your home and was injured in an accident, you would be responsible for paying all of their medical bills. You may even have to pay for other expenses like lost wages. With condo insurance, those expenses are paid for you. It’s always a good idea to have this coverage.